Cash Advance Payday Loan

A cash advance payday loan can put money into the checking account within hours, or sometimes, even minutes, of the emergency needs. These are quick financing of generally $1500 or less and are advanced to a person in need for a short period of time. These have a one time fee attached to them and is repaid to the lender on the borrower's payday. Cash advance loans are easy to qualify for and thus creating quick access money. A growing trend in America where purchasing today and paying for it tomorrow seem to be the name of the game.

Only those having a true emergency with no other financial options should consider getting quick cash. And, borrowers should borrow only the amount of cash needed to cover essential needs. This discipline is crucial when dealing with any sort of borrowing, but especially with a cash advance payday loan. As with all financial decisions, it is wise to seek counsel before entering into a lending agreement with a creditor. The Bible tells us in Proverbs 12:15, "The way of a fool is right in his own eyes: but he that hearkeneth unto counsel is wise."

Emergencies can hit at anytime to anyone, with no respect for what amount of money is in the checking account. Sickness, death, and emergency repairs can catch anyone off guard and feeling desperate. Cash advance loans were created to help in a time of crisis or need, like the situations listed above. A person needing assistance could call a creditor, verify employment, and have up to $1000 deposited into their checking account almost instantly. But abuse of these services has brought financial troubles upon those that continually borrow against their future paychecks making it difficult to keep their heads above financially troubled waters.

Most companies require a proof of employment and a proof of salary. Once employment has been established, the lender will require a post-dated check or electronic checking withdrawal authorization for the amount of the cash advance payday loan plus a fee that can range from fifteen to thirty percent. On the borrower's payday, the amount and fees are deducted from their checking account. 

While having the ability to access cash fast can be helpful in an emergency, some are finding the temptation of cash advance loans too much to overcome. There are those that have this type of loan, but only pay the fee every pay period, extending the original amount of the loan. This can mean that a borrower could be paying sixty dollars every two weeks for a $200 dollar loan. Over the course of time, the fees from a cash advance payday loan can add up to more than was borrowed in the first place.